6 out of 10 Ghanaians don’t save for retirement – Research

Research has shown that a greater percentage of Ghanaians are not planning properly for their retirement.

According to the 2023 Old Mutual Financial Services Monitor, out of the total respondents, only 18.0% are “very” confident that they have enough savings for retirement.

It said the percentage of those who save is significantly higher amongst informal sector workers and younger and lower-income earners.

Also, only 37.0% of respondents have started saving for retirement.

7 out of 10 Ghanaians hope their children may support them when they are old.

88% of respondents said they do not currently have life cover.

24% of them explained that life cover is not a priority while eighteen percent said they do not see the importance.

They mentioned that their top savings channels are a bank, Mobile money, Susu, or Unbanked cash.

SSD/NOQ

Watch a recap of business stories below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel